Personal Finance

Dave Ramsey shares a hilarious story about an NFL player that asked him for advice - and it's not what you expect

Marc Guberti

Published: January 8, 2025 12:17 pm

Many people turn to Dave Ramsey for financial insights. The financial guru has published many bestselling books while fielding numerous questions on his financial show. 

Dave Ramsey has become such a leader in the industry that professional athletes regularly come to him for assistance. Some athletes find themselves in tough spots after burning through their money, and Dave Ramsey was expecting to hear this story again when an NFL player approached him.

This NFL player started the conversation by saying, “Dave, you’re gonna kill me. We messed up. You’re just gonna be so mad at me.” 

This doesn’t sound promising at all, but it’s not as bad as the NFL player made it out to be. Dave recently recounted this story and shared financial insights for people to consider.

What the Athlete Told Dave Ramsey

The NFL athlete thought Dave wouldn’t be happy that he stashed all of his NFL earnings in a savings account. He was expecting Dave to give him a lecture about how he was supposed to invest the money in something like an index fund instead of underperforming the market.

However, Dave was relieved that this was the “big” mistake the NFL player made. It’s a very easy mistake to fix. All the athlete has to do is invest some of the $36 million based on his risk tolerance and financial goals. Dave Ramsey has heard stories of professional athletes who lost more than $100 million.

This NFL athlete has earned enough money to support his family and multiple generations. He still has a few more years left in the league, so his savings can still grow. However, he will likely put some of that cash to work in an index fund.

It’s Easy to Invest Extra Cash

Having $36 million in his savings account minimizes the NFL player’s small mistake of not investing any of that money. However, part of the reason why it’s not such a big deal is because of how easy it is to invest those funds. 

You can transfer money from your bank account to your brokerage account within a few minutes. In the same amount of time, you can also buy individual stocks, ETFs, or both. Real estate transactions take a bit longer, but you can still make money with a high-yield savings account or a CD while waiting for the transaction to go through.

It’s best to invest as soon as you can. That way, you’ll enjoy compound returns for a longer period of time. 

It’s Harder to Recover from Financial Setbacks

When recounting the story, Dave said that he wasn’t going to lecture the player or be mad at him. While the financial guru also said he wouldn’t be mad at anyone for their financial mistakes, he said, “You get a hug,” when talking about the NFL player. 

The player is frugal. He and his wife drive in a used van, so he’s not spending lavishly just because he’s made a lot of money in the NFL. Dave Ramsey is more nervous about financial implosions when professional athletes overspend and end up with unsustainable lifestyles.

While people take different paths to financial independence, it’s not supposed to be flashy or exciting. Achieving financial goals involves steady saving and investing. It can take decades before building up a large enough nest egg to retire. Small mistakes like not investing right away can set you back a little, but big mistakes like speculative investments that become worthless or spending well beyond your means are the more significant blunders to avoid. 

That’s why Dave must have been so happy to hear about the NFL player’s small mistake. It’s very easy to recover from it and take action, especially with $36 million in savings.